The Brooklyn Paper weighs in on the latest scheme to fund Brooklyn Bridge Park:
Brooklyn Paper: The deal calls for the Watchtower Bible and Tract Society’s holdings in Brooklyn Heights and DUMBO to be rezoned for residential use — a change that real-estate experts believe will send the value of the Society’s properties well north of $1 billion.
“If they put them on the market now, they’ll be sold very quickly,” said Downtown real-estate broker Chris Havens.
The deal between Mayor Bloomberg and state officials will reduce the amount of luxury condos inside Brooklyn Bridge Park by capturing property taxes from the Watchtower properties after they are sold. The money will be diverted from the city general fund to pay for maintaining the world-class park at the foot of two wealthy neighborhoods — and that has green advocates seeing red.
Brooklyn Heights realtor Donald Brennan pondered the worth of the Watchtower portfolio in a BHB guest post last summer.